奇波雷墨西哥燒烤 (CMG) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to the Chipotle Mexican Grill Third Quarter 2022 Results Conference Call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Chipotle Mexican Grill 2022 年第三季業績電話會議。 （操作員指示）請注意，此活動正在錄製中。

I would now like to turn the conference over to Cindy Olsen, Head of Investor Relations and Strategy. Please go ahead.

現在，我想將會議交給投資者關係和策略主管辛蒂·奧爾森 (Cindy Olsen)。請開始。

Hello, everyone, and welcome to our third quarter fiscal 2022 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations website at ir.chipotle.com.

大家好，歡迎參加我們2022財年第三季的財報電話會議。現在您應該可以訪問我們的收益新聞稿了。如果沒有，您可以在我們的投資者關係網站ir.chipotle.com上找到。

I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projections in the forward-looking statements. Please see the risk factors contained in our annual report on Form 10-K and in our Form 10-Q for a discussion of risks that may cause our actual results to vary from these forward-looking statements.

首先，我要提醒您，本簡報中關於我們未來業務和財務表現的某些陳述和預測構成前瞻性陳述。這些陳述是基於管理階層目前的業務和市場預期，我們的實際結果可能與前瞻性陳述中的預測有重大差異。請參閱我們10-K表格年度報告和10-Q表格中包含的風險因素，以了解可能導致我們的實際結果與這些前瞻性陳述產生差異的風險。

Our discussion today will include non-GAAP financial measures. A reconciliation to GAAP measures can be found via the link included on the presentation page within the Investor Relations section of our website.

我們今天的討論將涵蓋非公認會計準則 (Non-GAAP) 財務指標。您可以透過我們網站「投資者關係」板塊中簡報頁面的連結查看與公認會計準則 (GAAP) 指標的對帳表。

We will start today's call with prepared remarks from Brian Niccol, Chairman and Chief Executive Officer; and Jack Hartung, Chief Financial and Administrative Officer, after which we will take your questions. Our entire executive leadership team is available during the Q&A session.

今天的電話會議將以董事長兼首席執行官 Brian Niccol 和首席財務及行政官 Jack Hartung 的預先準備好的發言開始，之後我們將回答大家的提問。我們的整個執行領導團隊都將在問答環節中隨時待命。

And with that, I will turn the call over to Brian.

說完這些，我將把電話轉給布萊恩。

Thanks, Cindy, and good afternoon, everyone. Our third quarter results demonstrated the resiliency of the brand and strength of our organization in managing through a difficult consumer environment along with the inflationary headwinds we have experienced over the past 18 months.

謝謝辛迪，大家下午好。我們第三季的業績展現了品牌的韌性，以及我們公司在過去18個月艱難的消費環境以及通膨逆風中所取得的成就。

For the quarter, sales grew 14% to reach $2.2 billion, driven by a 7.6% comp. In-store sales grew by 22% over last year. Digital sales represented 37% of sales. Restaurant-level margin was 25.3%, an increase of 180 basis points year-over-year. Adjusted diluted EPS was $9.51, representing 35% growth over last year, and we opened 43 new restaurants, including 30 Chipotlanes.

本季銷售額成長14%，達22億美元，年增7.6%。店內銷售額較去年同期成長22%。線上銷售額佔銷售額的37%。餐廳利潤率為25.3%，較去年成長180個基點。調整後攤薄每股收益為9.51美元，較去年同期成長35%。我們新開了43家餐廳，其中包括30家Chipotlane餐廳。

In the third quarter, we continue to see a widening of trends by income level with the lower income consumer further reducing frequency. Fortunately, for Chipotle, the majority of customers are from higher-income households, which continue to increase purchase frequency. While it is difficult to predict the macro impact on future spending trends, we know our value proposition remains strong and we experienced minimal resistance to our price increase in the quarter.

在第三季度，我們繼續看到收入水準差異的趨勢不斷擴大，低收入消費者的消費頻率進一步降低。幸運的是，Chipotle 的大多數顧客來自高收入家庭，這持續提高了他們的購買頻率。雖然很難預測未來消費趨勢的宏觀影響，但我們知道我們的價值主張依然強勁，本季漲價的阻力也微乎其微。

To put it into perspective, our average Chicken Burrito Bowl, which makes up about 50% of our orders across the U.S. is below $9 in our restaurants. This is a tremendous value when you consider the quality of our food, including our food with integrity standards, the fresh preparation utilizing classic cooking techniques, the customization, generous portions and of course, the convenience and speed.

客觀來看，我們餐廳的雞肉捲餅平均價格不到9美元，這佔了我們全美訂單的50%左右。考慮到我們菜餚的品質，包括符合誠信標準的食材、運用經典烹飪技法的新鮮烹製、個性化定制、份量充足，當然還有便捷快速的服務，這絕對是物超所值。

Our fresh preparation is particularly unique when comparing Chipotle to other restaurants. There are not many restaurant options that prepare their food fresh daily, and we do it in all 3,000-plus restaurants. Our restaurant teams begin preparation at 7:30 in the morning to be able to serve our delicious food by the time we open.

與其他餐廳相比，我們的新鮮食材準備特別獨特。很少有餐廳每天都會新鮮烹調食材，而我們旗下3,000多家餐廳都堅持這樣做。我們的餐廳團隊每天早上7:30就開始準備食材，以便在開門營業時提供美味的食物。

We only use 53 real ingredients, all of which you can pronounce, and our dedicated employees prepare the food in our open kitchens using classic cooking techniques. This includes grilling Fajita Veggies and Adobo Chicken on the Plancha and mashing avocados to make our signature guacamole and making our chips fresh every day.

我們只選用53種天然食材，所有食材都能拼出名字。我們敬業的員工在開放式廚房運用經典烹飪技巧烹調美食。這包括用鐵板烤製蔬菜法士達和阿斗波雞肉，搗碎酪梨製作我們的招牌酪梨醬，以及每天新鮮製作薯條。

So again, when you combine all these elements, you get an industry-leading brand with a tremendous value offering. And our 5 key strategies will continue to help us win today while we create the future.

所以，所有這些要素結合在一起，就構成了一個領先業界的品牌，能夠提供巨大的價值。我們的五大關鍵策略將繼續幫助我們贏得當下，創造未來。

Now let me provide an update on each of these strategies, which include: number one, running successful restaurants with a people accountable culture that provides great food with integrity while delivering exceptional in-restaurant and digital experiences; number two, amplifying technology and innovation to drive growth and productivity at our restaurants and support centers; number three, making the brand visible, relevant and loved to improve overall guest engagement; number four, expanding access convenience by accelerating new restaurant openings; and number five, sustaining world-class people leadership by developing and retaining diverse talent at every level.

現在，讓我來介紹一下這些策略的最新情況，包括：第一，以對人負責的文化經營成功的餐廳，誠信提供美味佳餚，同時提供卓越的餐廳和數位體驗；第二，擴大技術和創新，推動餐廳和支持中心的增長和生產力；第三，讓品牌知名度高、相關性強、受人喜愛，以提高整體客戶參與度；

First, starting with our restaurants. We remain focused on being brilliant at the basics, including staffing our restaurants with talented team members focused on the foundations of the business. These include having great culinary prepared and ready to serve, open to close in a food-safe environment, improving order accuracy and timing for the digital business and increasing throughput in hospitality for the in-restaurant business.

首先，從我們的餐廳開始。我們始終專注於精益求精的基礎工作，包括為餐廳配備專注於業務基礎的優秀團隊成員。這些基礎包括：提供優質菜餚，隨時供應；在食品安全的環境中開門營業；提高數位業務的訂單準確性和及時性；以及提高餐廳業務的接待能力。

At the end of last quarter, we rolled out an updated training program called Project Square One, which includes training around throughput, digital execution, food quality and hospitality to deliver an exceptional customer experience. We've made some progress during the quarter, but we are not where we need to be. The capabilities of our teams need to and will improve. Chipotle is a restaurant business with high standards, and we need to train and develop our teams so that these standards are met.

上季末，我們推出了名為「Project Square One」的升級培訓項目，涵蓋了吞吐量、數位化執行、食品品質和熱情好客等方面的培訓，旨在提供卓越的客戶體驗。本季我們取得了一些進展，但尚未達到預期目標。我們團隊的能力需要提升，也將持續提升。 Chipotle 是一家高標準的餐飲企業，我們需要培訓和發展我們的團隊，以達到這些標準。

Additionally, in these uncertain times, it is critical that we treasure the guest, and this will be a primary focus of everyone in operations and across our company. With so much change over the past couple of years brought on by the pandemic, it has been refreshing to focus on the foundation which Chipotle was built.

此外，在這個充滿不確定性的時期，我們珍惜顧客至關重要，這將是我們營運部門乃至整個公司所有人的首要關注點。過去幾年，疫情帶來了許多變化，能夠專注於 Chipotle 賴以建立的基礎，令人倍感振奮。

We do see that our highest volume restaurants are meaningfully outperforming lower-volume restaurants in terms of throughput. What these restaurants have in common is experienced managers include that understand the importance of the foundations. As our newer restaurant employees go through the training and get more real-time reps, we believe we will see consistent improvement over time. As we discussed last quarter, we continue to look for ways to enhance our tools and systems to support in-restaurant execution and improve the overall experience for our employees and guests. I am excited to share a pilot that we recently announced as well as an update on Chippy. We are piloting advanced location-based technology to enhance our app functionality and provide a seamless, convenient experience for our guests.

我們確實看到，客流量最高的餐廳在吞吐量方面的表現顯著優於客流量較低的餐廳。這些餐廳的共同點在於，它們都擁有經驗豐富的管理人員，深知基礎的重要性。隨著新員工接受培訓並獲得更多即時回饋，我們相信，隨著時間的推移，我們將看到持續的改進。正如我們在上個季度所討論的那樣，我們將繼續探索改進工具和系統的方法，以支援餐廳內部的執行，並提升員工和顧客的整體體驗。我很高興與大家分享我們最近宣布的一項試點計畫以及Chippy的最新進展。我們正在嘗試先進的基於位置的技術，以增強我們的應用程式功能，並為顧客提供無縫且便利的體驗。

For guests who opt in, the program can engage with Chipotle app users upon arrival to our restaurants and utilize real-time data to enhance their experience with our order readiness messaging, wrong pickup location detection, reminders to scan the Chipotle Rewards QR code to checkout and much more.

對於選擇加入的客人，該計劃可以在他們抵達我們的餐廳時與 Chipotle 應用程式用戶互動，並利用即時數據透過我們的訂單準備就緒訊息、錯誤取餐地點檢測、提醒掃描 Chipotle Rewards QR 碼結帳等方式增強他們的體驗。

And I'm happy to share that Chippy is now in one of our restaurants, and we are excited to test and learn from the autonomous robot that helps our teams make tortilla chips, bringing up their time to serve and support our guests. Chippy is trained to replicate Chipotle's exact recipe to cook the chips to perfection, finishing with a hint of lime juice and a dusting of salt. Additionally, Chippy can make chips throughout the day, which results in fewer outages and improves freshness.

我很高興地告訴大家，Chippy 現已進駐我們的一家餐廳。我們很高興能夠測試並學習這台自動機器人，它可以幫助我們的團隊製作玉米片，從而節省他們的時間，並更好地服務顧客。 Chippy 經過訓練，可以精確複製 Chipotle 的配方，將玉米片烹調得完美無瑕，最後淋上少許青檸汁，撒上少許鹽。此外，Chippy 可以全天製作玉米片，從而減少停機時間，並提高新鮮度。

Moving to our branding, our Real Food for Real Athletes platform continues to expand as we rolled it out to football, America's most watched sport. The campaign focusing on athletes that love to eat at Chipotle as part of their training and lifestyle as it helps them to perform their best by providing proper nutrition through real ingredients. At the pearl level, we brought together The 88 Club for the first time in an ad with Dallas football greats who were the #88: CeeDee Lamb, Michael Irvin, Dez Bryant and Drew Pearson. The 88 Club TV ad premiered during Sunday night football and all of the athletes' go-to Chipotle orders were featured in our app. Chipotle's 88 Club content achieved great engagement with millions of views across channels.

說到我們的品牌推廣，我們的「真食物，真運動員」平台不斷擴展，我們將其推廣到美國觀看人數最多的運動——橄欖球。該活動聚焦於那些喜歡在 Chipotle 用餐並將其作為訓練和生活方式一部分的運動員，因為 Chipotle 透過真實的食材提供適當的營養，幫助他們發揮出最佳水平。在珍珠層層面，我們首次在廣告中邀請了 88 俱樂部的達拉斯橄欖球巨星，他們是 88 號：CeeDee Lamb、Michael Irvin、Dez Bryant 和 Drew Pearson。 88 俱樂部電視廣告在周日晚間橄欖球比賽期間首播，所有運動員常去的 Chipotle 訂單都在我們的應用程式中展示。 Chipotle 的 88 俱樂部內容獲得了極高的參與度，各個頻道的觀看次數達數百萬次。

Additionally, at the college level, we took a local approach with the Real Food for Real Athletes campaign in Ohio, which is one of our biggest markets and where we have our largest restaurant support center. We partnered with Ohio State offensive lineman and running back TreVeyon Henderson, on an ad narrated by former Buckeye running by great (inaudible) Archie Griffin.

此外，在大學層面，我們採取了在地化策略，在俄亥俄州開展了「真食物，真運動員」活動。俄亥俄州是我們最大的市場之一，也是我們最大的餐廳支援中心所在地。我們與俄亥俄州立大學進攻鋒線球員兼跑衛特雷維永·亨德森合作，製作了一則由前七葉樹隊跑衛、偉大的（聽不清）阿奇·格里芬擔任旁白的廣告。

Tapping into the passion, the fans have for their favorite teams and game day excitement, the ad showcase TreVeyon's journey before he runs onto the field and was amongst our highest engaged videos in social media channels.

該廣告充分展現了球迷對喜愛球隊的熱情和比賽日的興奮之情，展示了 TreVeyon 跑上球場之前的旅程，是我們社交媒體渠道上點擊率最高的視頻之一。

Shifting to LTOs. We remain comfortable with our cadence of 1 to 2 LTOs a year as it excites our guests and is driving both higher frequency and spend. As you may have seen, we launched Garlic Guajillo Steak in mid-September, which is an entirely new flavor profile featuring tender cuts or freshly-grilled steak with the bold flavor of Garlic And Guajillo peppers and finished with fresh lime and cilantro. In maintaining our relevance in the Metaverse, we premiered the Garlic Guajillo Steak to our community on Roblox where users could grill, season, cut and virtually taste the steak. The first 100,000 users who successfully completed the Chipotle Grill Simulator, received a promotional code that can be redeemed in our restaurants. Again, showing our ability to blend the Metaverse with real life.

轉向LTO（長期顧客體驗）。我們保持每年1至2次LTO的節奏，因為這能讓顧客感到興奮，並推動更高的用餐頻率和消費。如您所見，我們在9月中旬推出了蒜香瓜希略牛排，這是一種全新的口味，以鮮嫩的牛排或新鮮烤製的牛排為特色，搭配濃鬱的蒜香瓜希略辣椒，最後以新鮮青檸和香菜點綴。為了保持我們在元宇宙的影響力，我們在Roblox社群中首次推出了蒜香瓜希略牛排，用戶可以在這裡燒烤、調味、切塊並虛擬品嚐牛排。成功完成Chipotle Grill Simulator的首批10萬名用戶將獲得可在我們餐廳兌換的促銷碼。這再次展現了我們將元宇宙與現實生活融合的能力。

Complementing the Roblox experience, we also provided early access to our 30 million Rewards members as we continue to provide Rewards members with added value. While still early days, Garlic Guajillo Steak is getting excellent customer feedback and is driving a higher check as a premium protein experience. However, it is faced with the challenge of rolling over our highly successful Brisket program last year. As a reminder, Brisket ended in mid-November and the Garlic Guajillo Steak program will go through the end of the year.

除了 Roblox 體驗之外，我們還為 3,000 萬獎勵會員提供了搶先體驗機會，以便我們持續為獎勵會員提供增值服務。雖然仍處於早期階段，但蒜香瓜希略牛排 (Garlic Guajillo Steak) 已獲得良好的客戶回饋，並作為優質蛋白質體驗不斷提升。然而，它面臨著延續去年我們非常成功的牛胸肉 (Brisket) 計劃的挑戰。需要提醒的是，牛胸肉計畫已於 11 月中旬結束，而蒜香瓜希略牛排計畫將持續到年底。

Additionally, following the success of Pollo Asado, we began testing Chicken Al Pastor in Denver and Indianapolis. Chicken Al Pastor adds an exciting level of spice to guests go-to orders. And if successful in the stage-gate process, it could be available for rollout in 2023.

此外，繼 Pollo Asado 大獲成功後，我們開始在丹佛和印第安納波利斯測試 Chicken Al Pastor。 Chicken Al Pastor 為顧客的日常點餐增添了令人興奮的辣味。如果測試成功，它預計在 2023 年正式推出。

Our next strategic pillar is expanding access, which is still a top request from consumers. We remain on track to open 235 to 250 new restaurants in 2022 and anticipate opening between 255 to 285 restaurants in 2023 barring any further delays in construction or equipment availability.

我們的下一個策略支柱是擴大門市覆蓋範圍，這仍然是消費者的首要訴求。我們仍有望在2022年開設235至250家新餐廳，並預計在2023年開設255至285家餐廳，除非施工或設備供應進一步延誤。

Our pipeline remains strong. And as these challenges ease, we are confident that we can get to the top end of our targeted 8% to 10% range.

我們的產品線依然強勁。隨著這些挑戰的緩解，我們有信心達到8%至10%的最高目標。

In addition to expanding in our core markets, we remain excited about new opportunities, including Alberta, Canada and small towns in the U.S. We plan to enter Alberta, Canada in 2023 with our first location in Calgary. Alberta makes the most sense as our next market to open in Canada as it has 2 of the main cities, including Edmonton and Calgary, each with relatively large populations. Additionally, there is brand recognition as people from Alberta have visited Chipotle restaurants in British Columbia and Ontario.

除了在核心市場擴張外，我們對新的機會仍然充滿期待，包括加拿大阿爾伯塔省和美國的一些城鎮。我們計劃於2023年進軍加拿大阿爾伯塔省，在卡加利開設第一家門市。阿爾伯塔省是我們在加拿大開設下一個市場的最佳選擇，因為它擁有加拿大兩個主要城市，分別是埃德蒙頓和卡加利，這兩個城市的人口都相對較多。此外，阿爾伯塔省的居民也曾光顧過不列顛哥倫比亞省和安大略省的Chipotle餐廳，這也提升了品牌知名度。

In the U.S., our small town strategy is also performing very well. Overall, small town restaurants have comparable margins and returns to the company average, and we're excited about the growth opportunity, which is included in our 7,000 long-term restaurant target. I'm also proud to share that opening day sales for a restaurant in a small town in Texas was a new company record. I would like to express my congratulations and gratitude to the restaurant and development teams for making that one happen.

在美國，我們的小鎮策略也表現優異。整體而言，小鎮餐廳的利潤率和回報率與公司平均水平相當，我們對這一成長機會感到興奮，這也包含在我們7,000家餐廳的長期目標中。我還很自豪地告訴大家，德州一個小鎮餐廳的開幕日銷售額創下了公司新高。我要向餐廳和開發團隊表示祝賀和感謝，感謝他們實現了這個目標。

And speaking of teams, our purpose of cultivating a better world starts with our people. The importance of developing our people is paramount to running great restaurants as well as developing future talent to grow. I'm delighted that over 90% of our promotions are internal, and I believe we will continue to see that percentage go up. There are many examples of senior leadership roles that started out as crew members.

說到團隊，我們致力於創造更美好的世界，始於我們的員工。培養員工對於經營優秀的餐廳以及培養未來人才至關重要。我很高興看到我們超過90%的晉升都是內部的，我相信這一比例還會繼續上升。有很多高階領導職位都是從員工做起的。

In fact, one story that particularly moved me was about our team in the Mid-Atlantic region, where our Regional Vice President, Team Director and Field Leader were all promoted from within the organization in March. Our RVP immigrated to the U.S. from Egypt and his first job was as a crew member in 2009. He is another person that has worked his way up from a crew member to Regional Vice President overseeing $1 billion in sales. For perspective, that would be the fourth largest company in Egypt.

事實上，一個特別讓我感動的故事是關於我們在中大西洋地區的團隊的。今年3月，我們的區域副總裁、團隊總監和現場負責人都從公司內部晉升。我們的區域副總裁從埃及移民到美國，他的第一份工作是2009年的機組人員。他也是另一個從機組人員一路晉升到區域副總裁，負責管理10億美元銷售額的人。從這個角度來看，那將是埃及第四大公司。

His successor as Team Director immigrated to the U.S. from Palestine in 2017 with his first job as a crew member and now oversees a $200 million business. And finally, his successor is a field leaders of women who integrated to the U.S. from Ethiopia in 2015, who also started as a crew member and now oversees 7 locations totaling $20 million in sales.

他的繼任團隊總監於2017年從巴勒斯坦移民到美國，第一份工作是船員，現在管理著價值2億美元的企業。最後，他的繼任者是一位女性現場領導者，她於2015年從衣索比亞移民到美國，最初也是從船員做起，現在管理著7個店，總銷售額達2,000萬美元。

Their perseverance is inspiring to many and a great example of how our growth and brand changes lives and communities for the better. Each of these individuals is also developing terrific talent that has the ability to become future leaders. For perspective, each year just in the United States and Canada, we have the opportunity to promote more than 1,500 managers to open our new restaurants.

他們的堅持不懈激勵著許多人，也充分展現了我們的發展和品牌如何改善生活和社區。他們每個人都在培養卓越的才能，並有望成為未來的領導者。舉例來說，光是在美國和加拿大，我們每年就有機會提拔1,500多位經理來開設新餐廳。

In addition to career opportunities in industry-leading benefits, we also believe that communication between leadership and our restaurant teams is critical. We do this through several ways, including chitchats, where members of our executive leadership team meet with our restaurant teams to listen to their feedback. Through this feedback loop, we were able to identify that our teams wanted more educational benefits, which is why we implemented debt-free degrees and career certificates. And team members who have participated in our educational programs are 2x more likely to be retained and 6x more likely to be promoted. Supporting, developing and growing our people will remain a core focus for Chipotle and is key to growing to 7,000 restaurants.

除了提供行業領先福利待遇的職業發展機會外，我們還認為領導層與餐廳團隊之間的溝通至關重要。我們透過多種方式進行溝通，包括高階主管團隊成員與餐廳團隊的座談，並聽取他們的回饋。透過這種回饋循環，我們了解到團隊成員希望獲得更多教育福利，因此我們推出了無債務學位和職業證書。參與過我們教育計畫的團隊成員留任的可能性是一般員工的2倍，晉升的可能性是一般員工的6倍。支援、培養和發展員工將始終是Chipotle的核心重點，也是其發展到7,000家餐廳的關鍵。

In closing, I want to thank our employees for another great quarter. We remain committed to getting back to the basics and running great restaurants. I believe these actions will position us for strong performance in any environment and more importantly, is key to delivering an excellent customer and employee experience. I'm excited to see everyone back in our restaurants next week for our 22nd year at Boorito.

最後，我要感謝我們的員工們，感謝他們又一個出色的季度。我們將繼續致力於回歸本源，經營優秀的餐廳。我相信這些舉措將使我們在任何環境下都能保持強勁的業績，更重要的是，這些舉措對於提供卓越的顧客和員工體驗至關重要。我很高興下週能再次見到大家，慶祝我們在Boorito餐廳的第22年。

And with that, I'll turn it over to Jack.

說完這些，我就把麥克風交給傑克。

Thanks, Brian. Good afternoon, everyone. I want to start by reiterating Brian's commentary about treasuring our guests and earning every single transaction.

謝謝，Brian。大家下午好。首先，我想重申Brian關於珍惜客人、珍惜每一筆交易的評論。

During past periods of economic challenges, focusing on our guests, getting the details in the restaurants right and providing a great dining experience has served as well. As Brian mentioned, this will be the primary focus of our organization and what we believe will lead to building an even stronger brand for the future.

在過去的經濟困難時期，以顧客為中心、關注餐廳細節、提供卓越的用餐體驗也發揮了重要作用。正如Brian所說，這將是我們公司的主要關注點，我們相信這將有助於我們在未來打造更強大的品牌。

Now moving to our third quarter results. Sales in the third quarter grew 14% year-over-year to reach $2.2 billion as comp sales grew 7.6%. Restaurant-level margin of 25.3% increased about 180 basis points compared to last year and earnings per share adjusted for unusual items was $9.51 representing over 35% year-over-year growth. The third quarter had unusual expenses related to onetime employee separation expenses, corporate and restaurant asset impairments, corporate restructuring and our previously disclosed 2018 performance share of modification.

現在來看看我們第三季的業績。第三季銷售額年增14%，達22億美元，同店銷售額成長7.6%。餐廳利潤率為25.3%，較去年同期成長約180個基點，經非常規項目調整後的每股盈餘為9.51美元，較去年同期成長超過35%。第三季出現了一些非常規支出，包括一次性員工離職費用、公司和餐廳資產減損、公司重組以及我們先前揭露的2018年業績調整份額。

Looking ahead to Q4, our current comparable sales trends are choppy as we lap our Brisket LTO from last year and we expect our October comps will likely end in the mid-single-digit range. Assuming current sales trends continue, we expect our comps to be in the mid- to high single-digit range for the full fourth quarter as Garlic Guajillo Steak will be in restaurants through the end of the quarter compared to Brisket, which ended in mid-November of last year.

展望第四季度，由於Brisket的LTO銷售已超過去年同期，我們目前的可比銷售額趨勢波動較大，預計10月份的可比銷售額可能會維持在個位數中高水準。假設目前的銷售趨勢持續下去，我們預計整個第四季度的可比銷售額將保持在個位數中高水平，因為蒜香瓜希略牛排將在本季度末繼續在餐廳銷售，而Brisket的LTO銷售則在去年11月中旬結束。

Earlier this month, we took a price increase in around 700 restaurants to address pockets of outsized wage inflation. Menu prices in each restaurant increased between 2% and 3%, which had a company-wide impact of about 0.5% overall. And I'll go through the key P&L line items, beginning with cost of sales.

本月初，我們上調了約700家餐廳的價格，以應對部分地區工資上漲過快的問題。每家餐廳的菜單價格上漲了2%至3%，對整個公司的影響約為0.5%。我將從銷售成本開始，逐一介紹關鍵的損益項目。

Cost of sales in the quarter were 29.8%, a decrease of about 50 basis points from last year. The benefit of menu price increases offset elevated costs across the board, most notably in dairy packaging and tortillas. In Q4, we expect our cost of sales to remain at about the same level as the benefit from the menu price increases will be offset by higher beef, chicken, dairy and tortilla.

本季銷售成本為29.8%，較去年下降約50個基點。菜單價格上漲帶來的收益抵消了所有成本的上漲，尤其是在乳製品包裝和玉米餅方面。我們預計第四季度的銷售成本將保持大致相同的水平，因為菜單價格上漲帶來的收益將被牛肉、雞肉、乳製品和玉米餅價格的上漲所抵消。

Labor costs for the quarter were 25.1%, a decrease of about 70 basis points from last year. This decrease was driven by sales leverage and somewhat offset by wage inflation as well as lapping employee retention credit that we received in Q3 of last year. In Q4, we expect our labor cost to be in the mid-24% range due to leverage from our menu price increases as well as our premium price Garlic Guajillo Steak.

本季人力成本為25.1%，較去年下降約70個基點。這一下降主要受銷售槓桿推動，但薪資上漲以及去年第三季獲得的員工留任抵免額有所抵消。由於菜單價格上漲以及高價位蒜香瓜希略牛排帶來的槓桿效應，我們預期第四季的人工成本將在24%左右。

Other operating costs for the quarter were 14.5%, a decrease of about 60 basis points from last year. This decrease was driven by sales leverage as well as a decline in delivery expenses due to lower delivery sales, partially offset by higher costs across several expense categories, most notably, utilities, including natural gas.

本季其他營運成本為14.5%，較去年同期下降約60個基點。這一下降主要受銷售槓桿以及配送費用下降（配送銷售額下降導致）的影響，但部分抵消了多個費用類別成本的上升，其中最顯著的是包括天然氣在內的公用事業費用。

Marketing promo costs for the quarter were 2.2% or 20 basis points below last year. And in Q4, we expect marketing costs will be in the mid-3% range with the full year to come in right around 3%. In Q4, other operating costs are expected to be around 15%.

本季行銷促銷成本比去年同期下降了2.2%，即20個基點。我們預計第四季行銷成本將在3%左右，全年將在3%左右。第四季其他營運成本預計在15%左右。

G&A for the quarter was $141 million on a GAAP basis or $136 million on a non-GAAP basis excluding about $4 million in employee separation and corporate restructuring costs and $1 million related to the previously disclosed modification to our 2018 performance shares. G&A also includes $115 million in underlying G&A, $21 million related to noncash stock compensation, a $1 million benefit related to the reversal in lower performance-based bonus accruals, mostly offset by payroll taxes on equity vesting and exercises. We expect our underlying G&A to be around $120 million in Q4 and continue to grow slightly thereafter as we make investments in technology and people to support our ongoing growth.

本季度的一般及行政開支（G&A）按公認會計準則（GAAP）計算為1.41億美元，按非公認會計準則計算為1.36億美元，其中不包括約400萬美元的員工離職和公司重組費用，以及與先前披露的2018年績效調整相關的100萬美元。一般及行政開支還包括1.15億美元的基本一般及行政開支、2100萬美元的非現金股票薪酬以及100萬美元的與績效獎金預提金額減少相關的收益，其中大部分被股權歸屬和行權的工資稅所抵消。我們預計第四季的基本一般及行政開支約為1.2億美元，此後將繼續小幅成長，因為我們將加大對技術和人才的投資，以支持公司持續成長。

We anticipate stock comp will be around $25 million in Q4, although this amount could move up or down based on our performance and $1 million for costs associated with our field leader conference in early 2023 bringing our anticipated total G&A in Q4 to around $146 million.

我們預計第四季度的股票補償金額將在 2,500 萬美元左右，但根據我們的業績表現，這一金額可能會有所上下波動，再加上 2023 年初與現場領導會議相關的 100 萬美元成本，我們預計第四季度的 G&A 總額將達到 1.46 億美元左右。

Depreciation was $71 million, and in Q4, we expect it to increase slightly to $73 million. Our effective tax rate for Q3 was 24.4% for GAAP and 23.4% for non-GAAP, and both rates benefited from option exercises and share vesting at elevated stock prices. For Q4, we continue to estimate our underlying effective tax rate will be in the 25% to 27% range, though it may vary based on discrete items.

折舊為 7,100 萬美元，我們預計第四季折舊將小幅增至 7,300 萬美元。第三季度，我們根據 GAAP 計算的有效稅率為 24.4%，根據非 GAAP 計算的有效稅率為 23.4%，這兩個稅率都受益於股價上漲時選擇權的行使和股票歸屬。對於第四季度，我們繼續估計基本有效稅率將在 25% 至 27% 之間，但具體數字可能會因具體項目而異。

Our balance sheet remains strong as we ended the quarter with over $1.2 billion in cash, restricted cash and investments with no debt, along with a $500 million untapped revolver. During the quarter, we repurchased $107 million of our stock at an average price of $1,438 and we've repurchased a total of $628 million year-to-date so far. We increased our level of stock repurchases during the quarter when our share price fell with the market overall, and we will continue to opportunistically repurchase our stock. During the quarter, the Board authorized an additional $200 million to our share authorization program, and at the end of the quarter, we had $413 million remaining.

我們的資產負債表依然強勁，本季末我們持有超過12億美元的現金、限制性現金和無負債投資，以及5億美元的未動用循環信貸額度。本季度，我們以平均1,438美元的價格回購了1.07億美元的股票，年初至今已回購了6.28億美元。在本季度，當股價隨市場整體下跌時，我們增加了股票回購規模，並將繼續適時回購股票。本季度，董事會批准向我們的股票授權計畫額外追加2億美元，截至本季末，我們剩餘4.13億美元。

We opened 43 new restaurants in the third quarter, of which 38 had a Chipotlane, and we remain on track to open between 235 and 250 new restaurants in 2022 with at least 80%, including a Chipotlane. As Brian mentioned, we anticipate opening between 255 and 285 restaurants in 2023 with at least 80%, including a Chipotlane. Development delays remain a headwind, including equipment and construction material shortages, construction labor challenges as well as permitting, utilities and inspection delays. While we expect these challenges to persist into 2023, our pipeline remains strong, and we expect to move towards the high end of our targeted 8% to 10% openings range once these headwinds subside.

我們在第三季開設了43家新餐廳，其中38家設有Chipotlane。我們預計在2022年新開235至250家餐廳，其中至少有80%包含Chipotlane。正如Brian所提到的，我們預計在2023年新開255至285家餐廳，其中至少有80%包含Chipotlane。開發延遲仍然是一個不利因素，包括設備和建築材料短缺、建築工人挑戰以及許可、公用事業和檢查延遲。雖然我們預計這些挑戰將持續到2023年，但我們的新增餐廳數量依然強勁，一旦這些不利因素消退，我們預計新開餐廳數量將朝著8%至10%的目標區間的高端邁進。

To conclude, we believe we have a tremendous growth opportunity ahead of us with room to more than double our current presence in the U.S. and Canada over the long term. We will remain focused on what makes our brands special. And that is our purpose of cultivating a better world, our food integrity standards, a strong unit economic model and of course, our talented and dedicated teams.

總而言之，我們相信未來擁有龐大的成長機遇，長期來看，我們在美國和加拿大的業務規模預計將比目前翻一番以上。我們將繼續專注於打造我們品牌的獨特之處。這就是我們「創造更美好世界」的宗旨、我們的食品誠信標準、強大的單位經濟模式，當然還有我們才華洋溢、敬業奉獻的團隊。

With that, we're happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) And our first question will come from David Tarantino of Baird.

（操作員指示）我們的第一個問題來自貝爾德的戴維·塔倫蒂諾。

I have a 2-part question related to your pricing and traffic trends. So first, I was wondering if you could share what your transaction trends were in the third quarter and what the guidance implies for the fourth quarter. And then I have a follow-up related to that.

我有兩個問題，分別與你們的定價和流量趨勢有關。首先，我想請問您能否分享一下第三季的交易趨勢，以及第四季的業績指引。然後，我還有一個與此相關的後續問題。

Yes, sure. So in the third quarter, I think, of transactions were down roughly 1%. A lot of the additional headwinds we've had with kind of the mix shifting as people return to their kind of normal course behavior has resulted in smaller group sizes. So that's kind of consistent with what we've seen. And then in the current quarter, obviously, we've got Garlic Guajillo Steak, launching right now going over top of the Brisket. And then I think as we mentioned, we're continuing to see some pressure on the low-income consumer. So we're still seeing transactions be pushed in that negative range. And obviously, we'll continue to keep an eye on it as we go forward.

是的，當然。所以我認為第三季的交易量下降了大約1%。隨著人們恢復正常行為，我們面臨的許多額外阻力，例如產品組合的變化，導致了群體規模的縮小。這與我們所看到的情況基本一致。此外，在本季度，我們顯然推出了蒜香瓜希略牛排，它比牛胸肉更受歡迎。正如我們所提到的，我們繼續看到低收入消費者面臨一些壓力。因此，我們仍然看到交易量處於負成長區間。顯然，我們會繼續關注這一情況。

Jack, I don't know if you want to add anything to that.

傑克，我不知道你是否想補充一點。

Yes, just pricing during the quarter, Dave, we're running right around 13%, and that will move up a bit in the fourth quarter. So that's part of our guidance as well. I think the big thing in the fourth quarter to note is just Brisket was very successful last year, and we ran out of inventory in the middle of November. And so the comparison actually gets easier in the second half of the quarter.

是的，戴夫，就本季的定價而言，我們的價格上漲幅度在13%左右，第四季會略有上升。所以這也是我們預期的一部分。我認為第四季值得關注的一點是，Brisket去年非常成功，我們在11月中旬就賣光了庫存。所以，在本季下半段，對比會比較容易。

Great. That's helpful. And then my follow-up, Brian, is I think you're aware there's been a lot of concern about the pricing strategy hurting the traffic. And I think you mentioned in your prepared remarks that you're not seeing resistance to the price increases yet. So I just wondered if you could comment on, I guess, how you're thinking about your price position now and how you think about the traffic trends you're seeing and whether or not you think that you've seen any resistance. It doesn't sound like you think you are, but I guess the traffic being slightly negative, just wanting you to have a chance to address that.

太好了，這很有幫助。接下來我想問的是，布萊恩，我想你已經意識到很多人擔心定價策略會影響流量。我記得你在準備好的發言中提到過，目前還沒有看到對漲價的阻力。所以，我想你能不能談談你現在對價格定位的看法，你對目前看到的流量趨勢的看法，以及你是否認為你遇到了任何阻力。聽起來你似乎沒有遇到阻力，但我想流量稍微下降，我只是想讓你有機會解決這個問題。

Yes. Sure. Well, I mean, look, the simple fact is the absolute price point in the business is still very competitive and frankly, very attractive relative to -- you look at regional players. The -- when you look at the fast casual competitors, they're anywhere from 10% to 20%, 30% less than what you see on their menu. So you've seen, unfortunately, in all this inflationary environment, everybody is taking price. So our costs, I think, are up over 20% over the last 2 years. Not surprising, other people are experiencing something similar and they've taken pricing accordingly.

是的，當然。嗯，我的意思是，簡單的事實是，我們這個行業的絕對價格點仍然非常有競爭力，坦白說，相對於其他區域性競爭對手來說，非常有吸引力。而那些速食休閒餐廳的競爭對手，他們的價格比菜單上的價格低10%到20%，甚至30%。所以，不幸的是，在這種通膨環境下，大家都在降價。所以，我認為我們的成本在過去兩年上漲了20%以上。毫不奇怪，其他人也經歷了類似的情況，並相應地調整了價格。

So our relative position to our competitors or the alternatives for what you can get when you read out, really, we stayed in a really strong position. So that value proposition remains strong. And then when you look into the business, we're not seeing people all of a sudden not buying guacamole or also changing what they typically add to their order or switching between proteins. Things have stayed pretty consistent.

所以，相對於競爭對手，或者說相對於其他選擇，我們確實保持了非常強勢的地位。所以，我們的價值主張依然強勁。當你深入研究我們的業務時，你會發現，我們並沒有看到人們突然不買酪梨醬，也沒有看到他們通常會在訂單中添加什麼，也沒有看到他們更換蛋白質產品。情況一直保持相當穩定。

And then the last piece I'd add to that is if you go to the grocery store, there's a lot of inflation there, too. So if you think about all the places where you can get food, they're way up. And our relative performance in that environment is one where we're still a great cost opportunity, I guess, for the consumers, the way I would describe it. So getting a chicken burrito exactly how you want, at the speed at which we can provide with the culinary and the ingredients that we provide for roughly $9 or less, that's tremendous value.

最後我想補充的是，如果你去雜貨店，那裡的通貨膨脹也很高。所以，想想所有可以買到食物的地方，價格都在漲。而我們在這種環境下的相對錶現，我想對消費者來說仍然是一個很好的成本機會，就像我描述的那樣。所以，以我們能提供烹飪和食材的速度，以大約9美元或更低的價格買到一份你想要的雞肉捲餅，這非常划算。

The next question comes from Nicole Miller of Piper Sandler.

下一個問題來自 Piper Sandler 的 Nicole Miller。

On that point of price, components of mix and traffic. Can you just talk about the price piece? So what is the art and science that you blend for the here and now? And how do you think about using that tool to protect margin? But then also long term, how do you exercise that pricing power or not against the long-term like unit opportunity, which I imagine really is -- requires affordability, right, appealing to the masses. So if you could talk about that a little bit, that would be great.

關於價格、產品組合和客流量的構成。能談談價格方面嗎？那麼，您目前融合的藝術和科學是什麼？您如何看待運用這些工具來保護利潤？但從長遠來看，您如何運用定價權來應對長期的單元機會？我認為單元機會實際上需要價格實惠，對大眾有吸引力。所以，如果您能稍微談談這個問題，那就太好了。

Yes, sure. So I mean, that's exactly right, Nicole. The way we're trying to balance this is really only use price as the last lever to pull. And I think that's what we've done throughout the course of the last, call it, 2 years because we like having the strong value proposition, frankly. I like being in the position where we have the best culinary with the best ingredients and arguably the best price. And so it's a position of strength and it's a position we want to hang on to as we go forward.

是的，當然。所以，我的意思是，妮可，你說得完全正確。我們試著平衡這些因素的方式，實際上就是把價格當作最後的槓桿。我想，過去兩年我們一直在這麼做，坦白說，因為我們喜歡擁有強大的價值主張。我喜歡我們擁有最好的烹飪、最好的食材，以及可以說是最優惠的價格。所以，這是一個優勢地位，也是我們希望在未來繼續保持的優勢。

The reality is in an inflationary environment, you're going to have to pull that lever. And that's why I think it's really important to look at how your pricing stacks up relative to people's alternatives. Those alternatives are either the grocery store or other restaurants. And when you look at those, our value proposition remains in a really strong place. So we're delighted to continue to see new units opening at a terrific opening rate. They're still achieving 80%, 85% of what our typical restaurants do. Our Chipotlanes continue to outperform. And then frankly, even in our small towns, we're continuing to see just tremendous opening.

現實情況是，在通膨環境下，你必須拉動槓桿。正因如此，我認為，審視你的定價與顧客的替代方案相比如何至關重要。這些替代方案要么是雜貨店，要么是其他餐廳。當你審視這些替代方案時，我們的價值主張依然非常強烈。因此，我們很高興看到新店繼續以驚人的速度開業。它們仍然達到了我們普通餐廳的80%到85%。我們的Chipotlane繼續表現出色。坦白說，即使在我們的小鎮，我們也繼續看到大量新店開幕。

So I think that tells me we're getting signals in all different fronts that our value proposition remains really strong whether it's a new restaurant coming to an area or an existing restaurant competing in an area that we've been competing in for a while. So that's the needle we're trying to thread.

所以我認為這說明，我們從各個方面都收到了訊號，表明我們的價值主張依然強勁，無論是新餐廳入駐某個地區，還是現有餐廳在我們已經涉足的地區競爭。這就是我們試圖找到的穿針引線。

And as that applies to the fourth quarter commentary then, is that just price that's flowing from August into 4Q? Or could you speak to incremental price in the fourth quarter to get above that 13%? And is that essentially being used to protect margin, even though, I guess, you're really hitting that 25% profile or algorithm margin you'd be looking for?

那麼，既然這適用於第四季度的評論，那麼這僅僅是從8月份延續到第四季的價格嗎？或者您能否談談第四季的增量價格，以超過13%的漲幅？這是否本質上是為了保護利潤率，即使您實際上已經達到了您所期望的25%的利潤率或演算法利潤率？

Yes, Nicole, there's actually 3 things that are going on when you move from the third quarter to the fourth quarter. First, we took our last price increase around August 1. So that hit part of the third quarter. So the rest of it, the fourth quarter is going to get a full hit. We also, on a very targeted basis, we identified pockets throughout the country, and there were 700 restaurants that had accelerating wage pressures. So if you look at what our typical wages are across the country and we took that very large 15% increase, we got everybody up to $15 or more in the second quarter of 2021, we have individual pockets and these restaurants that we identified that we're going $1, $2 and $3 above what the rest of the country was doing. And that's just because the labor market was so tight there. So what we did, we just tried to up the menu prices just to cover some of that, not to get our margin back. But just to try to cover some of that, that then ended up being somewhere between 2% and 3% in those 7 number of restaurants. That's the 50 basis points or so overall to the company.

是的，妮可，從第三季度到第四季度，實際上有三件事正在發生。首先，我們上次漲價是在8月1日左右。這影響了第三季的部分時間。所以，第四季的剩餘時間將受到全面影響。我們也非常有針對性地在全國範圍內確定了幾個小群體，發現有700家餐廳的工資壓力正在加劇。所以，如果你看看我們全國的平均工資水平，我們大幅提高了15%，在2021年第二季度，我們讓所有員工的工資都上漲了15美元或更多，我們發現，這些小群體的工資比全國其他地區高出1美元、2美元甚至3美元。這只是因為那裡的勞動市場非常緊張。所以我們所做的，只是試著提高菜單價格來彌補部分損失，而不是為了恢復利潤。但為了盡量彌補其中的一部分，最終這7家餐廳的利潤率在2%到3%之間。這對公司整體來說，相當於50個基點左右。

And the third piece, Nicole, is we took our price increase in the fourth quarter of last year around that December 7, December 8, something like that, and that rolls off. So those are the pieces. So you'll actually see for the quarter, the pricing will bounce up a little bit before it drops back down at the first quarter. So it will move from 13 up closer to call it 14.5% or approaching 15% before it drops down to 11% in the first quarter of next year.

第三點，妮可，我們去年第四季的價格上漲是在12月7日、8日左右，然後就一路上漲。所以，這些就是漲幅的幾個部分。所以，你實際上會看到，本季的價格會略有反彈，然後在第一季回落。也就是說，它會從13%上漲到接近14.5%或15%，然後在明年第一季回落到11%。

Our next question comes from David Palmer of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Palmer。

Two questions. The first one is a question on food costs that those costs are down under 30%. And obviously, that's well off where they used to be. I'm wondering if that's just all pricing net of commodity inflation. Or is there something else going on in there? For example, the fact that more is being made off the digital make line that's helping your portion sizes, your portion control or the rebound in beverages or something like that. I'm wondering if there's more than just price net of commodities and I have a quick follow-up.

兩個問題。第一個問題是關於食品成本的，食品成本下降了不到30%。顯然，這比以前的水平要好得多。我想知道這是否只是扣除商品通膨後的價格變動。還是還有其他因素？例如，數位化生產線的產量增加，有助於減少份量、控制食量，或促進飲料銷售反彈等等。我想知道是否除了扣除商品通膨後的價格變動之外還有其他因素，我有一個簡短的後續問題。

Yes, David, there's really -- there are 2 other things. One is, remember, we're pricing -- we've got higher menu prices for our delivery business. Our delivery business is about 17%, 18% of our business. And so we actually resin charging fees. We charge virtually no fee. We charged $1 fee than plus a small commission. So our menu prices are much higher there. So that gives you what appears to be a much lower food cost, all right? So you get a benefit on the food line.

是的，大衛，確實還有兩件事。一是，記住，我們的定價——我們的外賣業務的菜單價格更高。外送業務約占我們業務的17%到18%。所以我們實際上不收取任何費用。我們幾乎不收取任何費用。我們收取1美元的費用，外加一小筆佣金。所以我們的菜單價格在那裡要高得多。所以，這看起來似乎意味著食品成本要低得多，對吧？所以你在食品線上獲得了好處。

The other thing when we talk about inflation over the last 2 years, food inflation has been about 20%, but labor inflation has been more like 24%. So any time we take price increase to cover labor when labor is inflating at a higher rate than food cost, again, you get some of that benefit in the food cost. So that's why it's under 30%. You're right, historically, we've generally not seeing our food cost under 30%.

談到過去兩年的通貨膨脹，我們還要說一下，食品通膨率約為20%，但勞動通膨率則接近24%。所以，當勞動成本的通膨率高於食品成本時，我們用價格上漲來彌補勞動成本，那麼食品成本也會因此受益。這就是為什麼食品成本低於30%的原因。你說得對，從歷史上看，我們的食品成本通常不會低於30%。

And just a follow-up, whether the weakness in the low end is -- pertains to your pricing or the fact that certain customers are getting priced out or not. I'm wondering what actions you think you have in your stable of potential tactics that you can deploy to correct that. Are there -- is this something where you really dial up the CRM and start doing tax to keep people sort of in the tent and keep their -- get people back in the flow again? How do you think you'll address that weakness, if at all?

再問一個問題，低端市場的弱點究竟是與你們的定價有關，還是與某些客戶被高價拒之門外有關？我想知道，你們認為有哪些潛在策略可以用來修正這個問題。你們是否真的需要加強客戶關係管理 (CRM)，並開始進行稅務管理，才能留住客戶，讓他們回到銷售團隊？如果可以的話，你們認為應該如何解決這個問題？

Yes. I mean, look, one of the things we're definitely evaluating is how do we separate these groups into understanding their current situation. And then what do we need to do to ensure that they can still have access to the Chipotle experience. And the team is hard at work in figuring out how best to use our CRM/Rewards program to be very targeted with the different cohorts that we have. Some of it is, obviously, the low-income consumer. Some of it is also what they're interested in, whether it's having more access digitally or having a different experience when it comes to coming into our restaurant. So that's one of our key tools that I think that's one of the big advantages that we have, frankly, going forward is we've got this tremendous database that we can then smartly communicate with customers so that we're giving them relevant messaging that keeps them engaged with Chipotle.

是的。我的意思是，我們正在評估的一件事就是如何區分這些群體，了解他們目前的情況。然後，我們需要做些什麼來確保他們仍然能夠享受Chipotle的體驗。團隊正在努力研究如何最好地利用我們的客戶關係管理/獎勵計劃，以便針對不同的群體進行精準定位。顯然，其中一些群體是低收入消費者。還有一些團體也關注他們感興趣的方面，無論是希望獲得更多的數位化管道，還是希望在光顧我們餐廳時獲得不同的體驗。所以，這是我們的關鍵工具之一，我認為這也是我們未來的一大優勢。坦白說，我們擁有龐大的資料庫，可以讓我們與顧客進行智慧溝通，從而向他們提供相關的訊息，讓他們與Chipotle保持互動。

The next question comes from John Ivankoe of JPMorgan.

下一個問題來自摩根大通的約翰·伊万科。

The question was on Project Square and, Brian, you specifically mentioned in your prepared remarks that there is still more to do there. And I just wanted to get a sense or improvements that you could still make relative to how you're currently executing. I wanted to get a sense of how much of that is just giving the employees and the managers more time to work with the current system. I mean, i it just muscle memory that needs to increase? Or are there changes that you can make or would consider things like increasing staffing levels, increased pay, technology, what have you? Anything that you can do on your end that can, in the near term, improve some of the customer metrics that you're striving to achieve?

問題是關於 Square 項目，Brian，您在準備好的發言中特別提到，該項目還有更多工作要做。我只是想了解一下，相對於目前的執行情況，您還有哪些可以改進的地方。我想了解一下，其中有多少只是讓員工和管理人員有更多時間適應現有系統。我的意思是，這只是需要增強的肌肉記憶嗎？或者，您可以做出或考慮做出一些改變，例如增加人員配置、提高薪資、改進技術等等？您自己可以採取哪些措施，在短期內改善您努力實現的一些客戶指標？

Yes. Thanks for the question. Obviously, one of the things that has been, I guess, a breadth of fresh air is we've now had the ability to get back to focusing on the basics of Chipotle. And obviously, it starts with great culinary and then it starts with great teams being trained and developing each other. And look, I think, the other thing that we're now surrounding these teams with is technology to have more real-time information on the performance of the restaurant so that our field leader, our General Manager and our team knows either where there's an opportunity to be better or where there is success, let's put more energy to where that success is.

是的，謝謝你的提問。顯然，我想，令人耳目一新的一件事就是我們現在能夠重新專注於Chipotle的基本業務。這顯然始於精湛的烹飪技藝，然後是優秀的團隊相互培訓和發展。另外，我認為我們現在為這些團隊提供的另一項服務是技術，以便獲取更多有關餐廳業績的實時信息，這樣我們的現場領導、總經理和團隊就能知道哪些地方有改進的機會，哪些地方有成功的機會，讓我們把更多的精力投入到那些成功的地方。

The fact remains, since January, we've got roughly 50% of our field leaders are new to the company. And -- I'm sorry, not new to the company -- new enroll, right? So 90% have been promoted internally. But we've got a lot of new people in the Chipotle business at new levels of responsibility. And so that's what Project Square One's all about is making sure if you're a newly promoted field leader, you know how to do the job. You're newly promoted General Manager, you know how to do the job. Maybe you're new to our company all together at the crew level, you know how to do the job. And over the last 2 or 3 years, we've had to flex based on different regulations coming at us for how we wanted to run the restaurants.

事實上，自一月以來，我們大約有 50% 的現場領導都是新來的。而且──抱歉，不是新來的──是新招的，對吧？ 90% 的人都是內部提拔的。但是，Chipotle 業務中有很多新人，擔任新的職責等級。所以，Project Square One 的目的就是確保，如果你是新提拔的現場領導，你知道如何做好工作。如果你是新提拔的總經理，你知道如何做好工作。也許你們所有員工都是新來公司，但你也知道如何做好工作。在過去的 2 或 3 年裡，我們必須根據不同的規定靈活調整餐廳的運作方式。

Now we're getting back to what we believe is the right way to run a Chipotle in an environment that allows us to execute our standards, our processes and our culinary. And so there's still opportunity for us to get better at it because the teams need more reps. But I think we're also surrounding them now with, I think, clarity on what the standards are as well as tools to give them clarity on how they're performing real time.

現在，我們正在回歸我們認為的正確營運 Chipotle 的方式，在一個允許我們執行標準、流程和烹飪技巧的環境中。因此，我們仍然有機會做得更好，因為團隊需要更多的銷售代表。但我認為，我們現在也在為他們提供清晰的標準，以及讓他們清晰了解即時績效的工具。

And have you actually noticed any changes in your guest satisfaction scores? Or is that something that you're just trying to achieve internally?

您真的注意到客人滿意度分數有變化嗎？還是說這只是您內部努力想要實現的目標？

Yes. No. I mean we've seen improvements definitely in our in-store experiences. And I think that's a testament to folks getting back to the business of running the front line. We still have opportunities to get better on that digital business when it comes to accuracy, specifically. And it really that accuracy shows itself more in a delivery occasion but we're seeing evidence where we're continuing to make great progress. I think I mentioned this earlier, in our higher-volume restaurants where you have more tenured field leader, more tenured general manager, more tenured crew, they're really outperforming on all these metrics and their satisfaction scores are higher. Their volumes are higher, the turnover is lower. So we know when we get teams to stabilize have high levels of capability, we get great results. And that's what Project Square One is all about. It's just reestablishing those processes, those standards and then ensuring that people have the capability to deliver on those processes and standards.

是的，不是。我的意思是，我們的店內體驗確實有所改善。我認為這證明員工們正在回歸一線營運。在數位業務方面，我們仍然有機會改進，尤其是在準確性方面。這種準確性在外賣方面體現得更為明顯，但我們看到，我們正在繼續取得巨大進步。我之前提到過，在我們客流量較大的餐廳，擁有更多資深的現場負責人、資深的總經理和資深的員工，他們在所有這些指標上都表現出色，滿意度也更高。他們的客流量更高，人員流動率更低。所以，我們知道，當我們讓團隊穩定下來，擁有高水準的能力時，我們就能取得很好的結果。這就是「Square One」計畫的意義所在。它只是重建那些流程和標準，然後確保員工有能力執行這些流程和標準。

Our next question comes from John Glass of Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰·格拉斯。

Brian, can you talk about the efficacy of the LTOs you're running today versus a year or 2 or 3 ago? Is this driving incremental traffic? Or is this just like a check benefit, right, as people sort of purchase these new, but you're not really driving as much in terms of new customers. I guess where I'm going with this is you're on kind of a treadmill now of sorts, right, where you have to continue to innovate to make sure that you're covering last year's promo. Is there an off-ramp to that? Do you think about ways to broaden or differentiate promotions beyond just protein differentiation into other things that might help you as you start to -- eventually, you're going to have a protein that doesn't do as well as the year ago then what?

布萊恩，您能談談現在進行的LTO促銷活動與一兩年前、三年前相比效果如何嗎？這會帶來流量成長嗎？還是說，這就像支票福利一樣，人們會購買新產品，但實際上並沒有帶來太多新客戶。我的意思是，您現在就像在跑步機上一樣，必須不斷創新才能確保覆蓋去年的促銷活動。有沒有其他的出路？您是否考慮過拓展或差異化促銷活動，除了蛋白質差異化之外，還可以拓展其他可能對您有所幫助的促銷活動——最終，如果您的蛋白質產品表現不如去年，那該怎麼辦？

Yes, sure. Look, this is something that, obviously, we evaluate. But I don't think of our business is relying on one thing. When we are executing, like for right now, we're doing Garlic Guajillo Steak. I think there is incremental business to be had because we have better throughput, better execution in the restaurant. There's incremental business to be had because we have better digital execution. And then there's business to be had because we give people some menu variety. And then frankly, in this environment, you're dealing with some macro headwinds on a lower income consumer.

是的，當然。你看，這顯然是我們會評估的事情。但我認為我們的業務並不依賴某一件事。當我們執行的時候，例如現在，我們正在做蒜香瓜希略牛排。我認為會有增量業務，因為我們的吞吐量更高，餐廳的執行力也更好。會有增量業務，因為我們的數位化執行力較好。然後，我們為顧客提供一些菜單選擇，也會有業務。坦白說，在這種環境下，我們正面臨一些針對低收入消費者的宏觀阻力。

So I never really think of this as -- it's just one thing to lap the prior year. I think of it as like how are we growing our brand every month, every year, every day. And that's why I think one of the advantages Chipotle has is we have these layers of business that continue to grow with us. Obviously, we've got some macro issues that we're dealing with between inflation and the challenges in the lower-income consumer. But I think our strategy still has a lot of growth in them, and it's not one is overwhelming the other.

所以我從不認為這只是超越去年的一件事。我更重視的是我們如何每個月、每年、每天發展我們的品牌。正因如此，我認為Chipotle的優勢之一在於我們擁有這些層級分明、與我們一起持續成長的業務。當然，我們也面臨一些宏觀問題，例如通貨膨脹和低收入消費者的挑戰。但我認為我們的策略仍然有很大的成長潛力，不會出現一方壓倒另一方的情況。

Can I just clarify when you made the comment about traffic and the dynamic between mix and more people are coming back to the restaurants. Shouldn't that benefit traffic and maybe to the detrimented mix? I think you made the comment that, that was impacting traffic. But I would have thought that would have been a positive to order accounts even if it was hurting mix. Do you see it that way? Or do I have that wrong?

我可以澄清一下您之前提到的客流量以及混合餐廳和更多顧客回頭客之間的動態嗎？這不應該有利於客流量，而損害混合餐廳的表現嗎？我記得您之前說過，這會影響客流量。但我原本以為，即使這會損害混合餐廳的業績，對訂單帳戶來說也是一件好事。您是這麼認為的嗎？還是我理解錯了？

Go ahead, Jack.

繼續吧，傑克。

Yes. The main mix we're seeing, John, is group size. So as we're seeing customers kind of return to more normal habits, so it's less digital more in-restaurant. And even in the in-restaurant channel, there's a slight decline in the group size. So what's happening, what seems to be happening is people rather than working from home and going with like family, for example, were bringing dinner home for their family. They're kind of back to eating more on their own as an individual that they might be out with a group of 4 people, but they're all paying for their own lunch. So the group size across all the channels and then because there's still a shift moving from digital to in-store. The group size is the biggest mix thing that we're seeing. And that ends up meaning we're selling less burritos per transaction. So it's got a negative mix impact.

是的。約翰，我們看到的主要變化是團體用餐規模。我們看到顧客逐漸恢復了正常的用餐習慣，數位化的消費減少，而店內用餐則增加。即使在店內用餐管道，團體用餐規模也略有下降。所以現在的情況是，人們不再像以前那樣在家辦公，像家人一樣外出用餐，而是把晚餐帶回家給家人吃。他們又回到了單獨用餐的習慣，他們可能和四個人一起出去，但午餐費用都是自己承擔的。所以，所有通路的團體用餐規模都存在差異，而且由於消費者仍在從數位化轉向店內用餐，團體用餐規模是我們觀察到的最大變化。這最終導致我們每筆交易的墨西哥捲餅銷量減少。所以，這對整體消費產生了負面影響。

But a positive traffic impact?

但對交通有正面影響嗎？

It does have a positive traffic impact. That's right.

它確實對交通產生了積極的影響。沒錯。

The next question comes from Danilo Gargiulo of Bernstein.

下一個問題來自伯恩斯坦的 Danilo Gargiulo。

So I would like to understand a bit more whether the demand and the comp is coming from mostly new customer acquisition versus essentially like improving on the throughput in your high-volume stores.

因此，我想進一步了解一下，需求和競爭是否主要來自於新客戶的獲取，還是本質上來自於大宗商店吞吐量的提高。

Well, so we definitely have -- as we look at our data, at least in the digital space, we have an understanding of new customers versus -- and as we define a new customer that hasn't been at Chipotle in the last year. And we continue to see that group be highly represented. Where we're seeing the most gains in frequency is what not surprisingly, our more heavy user. And so that continues to be the case -- that's one of the things I think that the digital business fit for us. If you go back 3 or 4 years ago, one of the big surprises for us is it really attracted a lot of new users. And then obviously, during COVID, that ramped up quite a bit because of our digital business growing. So we continue to stay focused on bringing in the new user, but we also have an equal effort on how do we get more frequency out of our medium and heavy users.

嗯，我們確實有——至少在數位領域，當我們查看數據時，我們對新顧客和過去一年沒有光顧過Chipotle的新顧客有了一定的了解。我們持續看到，這類顧客群佔比很高。我們看到，顧客頻率成長最快的群體，毫無疑問是我們的重顧客。這種情況持續下去——我認為數位業務適合我們的原因之一。如果回顧三、四年前，我們最驚訝的一點是它真的吸引了大量新用戶。顯然，在新冠疫情期間，由於我們數位業務的成長，新用戶數量大幅增加。因此，我們繼續專注於吸引新用戶，但我們也同樣努力地提高中度和重度用戶的用餐頻率。

Got it. And then one more question. I know you mentioned there is a comparable level of margin between the kind of small town store versus the kind of big urban store. I wonder if you can also like decompose for us kind of the high-level economics. And if we were to talk about pricing versus traffic, are you seeing any major differences between the urban stores versus the small town stores?

明白了。還有一個問題。我知道您提到過，小鎮門市和大型城市門市的利潤率水平相當。請問您能否為我們詳細分析高階經濟學。如果我們討論定價和客流量，您認為城市門市和小鎮門市之間有什麼顯著差異嗎？

Yes. I mean just at a very high level, the small town restaurants, on average, I mean, we've had some barn burners that are breaking records in terms of sales. But in terms of as a group, all of our small town restaurants, are a little bit below what our average restaurant would be, so maybe by $150,000 or so. But the cost structure is more favorable in the small town. So our margin, actually, even though it's kind of smaller volume is actually higher. The investment costs tend to be lower as well. So the cash and cash returns in these small towns are stronger than what you're seeing in a typical average Chipotle.

是的。我的意思是，就非常高的水平而言，我們小鎮的餐廳平均而言，有一些業績火爆的餐廳，銷售額創下了紀錄。但就整體而言，我們所有小鎮餐廳的銷售額都略低於平均水平，大概低了約15萬美元。不過，小鎮的成本結構更有利。所以，儘管我們的營業額較小，但利潤率實際上更高。投資成本也往往較低。所以，這些小鎮的現金流和現金回報率比一般的Chipotle餐廳更高。

Now if you go back to urban, urban is still, if you're talking about real central business district, those restaurants are still not all the way back. They're much better and they're outcomping the nonurban locations. But if you go all the way back to 2019, they still have not quite kept pace. And so the urban restaurants, they tend to have higher cost of doing business. They tend to have higher rents. And because the volumes aren't keeping pace with the nonurban locations, those are under a little bit more pressure. But again, they're outcomping their non-urban cohorts. So we think give enough time that hopefully will come all the way back.

現在，如果你回到城區，城區仍然，如果你談論的是真正的中央商務區，那些餐廳仍然沒有完全恢復。它們已經好多了，而且比非城區的餐廳更有競爭力。但如果追溯到2019年，它們仍然沒有完全跟上步伐。因此，城區餐廳的經營成本往往較高，租金也較高。而由於客流量跟不上非城區的步伐，非城區的餐廳承受更大的壓力。但同樣，它們的表現也優於非城區的餐廳。所以我們認為，給予足夠的時間，希望它們能完全恢復。

The next question comes from Dennis Geiger of UBS.

下一個問題來自瑞銀的丹尼斯蓋格。

Brian, wondering if you could highlight the biggest opportunities a bit more from a transaction perspective. The -- you mentioned kind of running slightly negative in the quarter. I mean, quite frankly, all -- most all brands are running negative transactions right now. And so you guys actually look fairly solid relative to the industry. But I guess in looking ahead, curious if you can just highlight some of the bigger levers that support transaction growth rest of the year and into '23. I know you just commented that it's not one thing. But just in thinking about the throughput, the innovation, dining room traffic can still improve, thinking about the macro improvement. Just wondering if there's any more detail on kind of unpacking that and kind of how you think about transactions improving again from here.

Brian，您能否從交易角度更詳細地談談最大的機會？您提到本季交易額略有下降。坦白說，幾乎所有品牌目前的交易額都是負值。所以，相對於整個產業而言，你們的業績其實相當穩健。但展望未來，您能否重點介紹一些支撐今年剩餘時間以及2023年交易額成長的更大槓桿？我知道您剛才說，這並非一回事。但從吞吐量、創新、餐廳客流量以及宏觀經濟改善等方面來看，它們仍有提升空間。您能否更詳細地闡述這些因素，以及您如何看待交易金額從現在開始再次回升。

Sure. I mean, look, obviously, one of the biggest opportunities for us is to make sure our restaurants are staffed and trained. And I think Jack mentioned this, we still have pockets of areas or we're still battling that very challenge. And I think as long as we have the ability to attract people and use, obviously, all of our benefits and purpose of the brand. But at the end of the day, you have to make sure the wage is attractive and retain people. So the ability to keep these restaurants staffed, have the teams fully trained and then executing against our standards, I think, there is a lot of transaction opportunity in that, both on the frontline as well as in the digital business. And doing both of those things really well. I know there is upside in the business going forward. I think we've made tremendous progress coming out of kind of the COVID challenges and then coupled with the labor challenges and the inflationary environment.

當然。我的意思是，顯然，我們最大的機會之一就是確保我們的餐廳配備充足的員工並進行培訓。我想傑克也提到過，我們仍然有一些地區，或者說我們仍在應對這項挑戰。我認為，只要我們有能力吸引人才，並且能夠充分發揮我們品牌的所有優勢和宗旨，就能取得成功。但最終，你必須確保薪資具有吸引力，並留住人才。因此，我認為，能夠確保這些餐廳配備充足的員工，讓團隊得到充分的培訓，並按照我們的標準執行，這將帶來許多交易機會，無論是在一線還是在數位業務方面。如果這兩方面都能做得很好，我知道未來業務會有上升空間。我認為，我們已經在克服新冠疫情、勞動力挑戰和通膨環境方面取得了巨大的進展。

So we're in a position of strength, but I think we can be a lot stronger and better going forward and that will manifest itself, I think, in some additional transactions in a tough environment. That's why you hear us talking about, hey, look, we've got to treasure every guest because we got to get it right, because it's going to be a tougher environment for the consumer going forward. So that's a big opportunity without a doubt.

所以，我們目前處於優勢地位，但我認為我們未來可以變得更強大、更好，這將體現在艱難環境中的一些額外交易中。這就是為什麼你會聽到我們說，嘿，看，我們必須珍惜每一位客人，因為我們必須做好，因為未來消費者面臨的環境將更加艱難。毫無疑問，這是一個巨大的機會。

And then obviously, we'll continue to take advantage of our CRM tools, our marketing capabilities to continue to keep people engaged and hopefully loving the brand so that they want to come as well.

顯然，我們將繼續利用我們的 CRM 工具和行銷能力來繼續吸引人們，並希望他們喜愛這個品牌，這樣他們也願意來。

The other thing I should mention, too, is we're going to open a lot of restaurants in the fourth quarter. Just the fact that we're going to be opening more restaurants gets us more new users and gets people to have more experiences with Chipotle, which continues to build on itself a positive kind of vibe for a growing vibrant brand. And people like to work there, people like to eat there. So we're going to keep pushing that path forward, too.

我還想提一下，我們將在第四季開設很多餐廳。開設更多餐廳本身就能為我們帶來更多新用戶，讓人們更能體驗Chipotle，這將持續為一個蓬勃發展的品牌營造出正面的氛圍。人們喜歡在那裡工作，也喜歡在那裡用餐。所以我們也會繼續推進這條道路。

The next question comes from Sara Senatore of Bank of America.

下一個問題來自美國銀行的 Sara Senatore。

I wanted to just ask a little bit about your customer base. It's kind of a 2-part question. The first is that among -- in smaller towns, you're talking about kind of lower volumes. Typically, I think of those as a slightly lower income cohort, but we spent a lot of time talking about low-income consumers. So I just wanted to see if you could kind of reconcile those and whether this means something different about your value proposition in small towns.

我想簡單問一下您的客戶群。這個問題可以分為兩個部分。首先，您說的是在小城鎮，客戶量會比較低。通常，我認為這些人群的收入略低，但我們之前花了很多時間討論低收入消費者。所以我想看看您能否將兩者結合起來，看看這是否意味著您在小城鎮的價值主張會有所不同。

And then the other piece is just thinking about your marketing campaigns and emphasizing athletes and gaming. Could you talk a little bit about who your customer is? It seems like it's mostly targeting younger men, although I'm neither young nor a man, so I can't speak to that from personal experience, but maybe just talk about those 2 components.

另一點就是思考你們的行銷活動，重點強調運動員和遊戲。能不能簡單聊聊你們的客戶群？看起來主要針對的是年輕男性，雖然我既不年輕也不年輕，所以無法從個人經驗出發談論這個問題，但或許可以談談這兩個面向。

Yes. Well, look, the first piece, just on the consumer. We continue to overindex with young people. It's pretty evenly split between males and females. We do have a little bit of a skew towards higher income. But when we talk about that SKU, we're really talking about north of $75,000. And we want to be showing up in the places that are a part of culture. So I mentioned Roblox, which is, obviously, a Metaverse-type initiative. I mentioned athletes, which is, I think, just another way of talking about selecting the right nutrition for the performance you want to achieve.

是的。嗯，首先，關於消費者。我們繼續在年輕人群體中佔據主導地位。男性和女性的組成相當均衡。我們確實略微偏向高收入者。但當我們談論這個SKU時，我們實際上指的是7.5萬美元以上的產品。我們希望出現在那些具有文化底蘊的地方。所以我提到了Roblox，它顯然是一個類似元宇宙的專案。我提到了運動員，我認為這只是另一種說法，即根據你想要達到的表現選擇合適的營養。

So you got to think about these things as like how do you make sure you're staying relevant in culture and how do you both follow culture and then at times lead culture. And that's what we want to be doing. We know there's a lot of power in being with young people, and we're always going to be figuring out ways to stay young. That's not to say that we don't have all age groups eating at Chipotle. We do. But we like the idea of having a position of strength with, call it, the teen to 20s and then also a position of strength with the higher income cohorts. So that serves us really well. That's going to be some of this continue to be a position of strength.

所以你必須思考這些問題，例如如何確保自己與文化保持相關性，以及如何既追隨文化，又有時引領文化。而這正是我們想要做的。我們知道與年輕人打交道會帶來巨大的力量，我們一直在尋找保持年輕客戶群的方法。這並不是說所有年齡層的人都不在Chipotle用餐。我們有。但我們喜歡在青少年到二十幾歲的人群中佔據優勢地位，同時也在高收入人群中佔據優勢。這對我們非常有利。這將繼續是我們的優勢之一。

As far as small counts go, I mean, we're seeing tremendous success in these small towns. And that's why I think it's important to remind ourselves when we're talking about higher income, we're talking about $75,000 or higher as an overindexing. It's not to say that we don't have people that earn less than $75,000 coming to Chipotle as well. And I think when you demonstrate great culinary, great ingredients, great speed, great customization and people decide how am I going to spend my $10. It's hard to beat Chipotle in that equation. So I think that's why we continue to have units open very successfully, small town, urban, suburban. We're having a lot of success as we open new units, and we're continuing to have a lot of success within the 4 walls of the units that we currently have opened. So we like the composition of our customer, and we like the economics that come with it.

就小規模而言，我的意思是，我們在這些小鎮上取得了巨大的成功。因此，我認為，當我們談論高收入時，我們需要提醒自己，7.5萬美元或更高的收入人群是被高估的。但這並不意味著沒有收入低於7.5萬美元的人來Chipotle。我認為，當你展現出精湛的烹飪技巧、優質的食材、快速的服務速度和個性化定制，人們會決定如何花掉這10美元時，Chipotle很難在這個層面上被超越。所以，我認為這就是為什麼我們不斷在小鎮、城區和郊區開設門市並取得成功的原因。我們在開設新門市時取得了巨大的成功，而且在現有門市的範圍內，我們也繼續取得了巨大的成功。因此，我們看好我們的顧客結構，也看好隨之而來的經濟效益。

The next question comes from Andrew Charles of Cowen.

下一個問題來自 Cowen 的 Andrew Charles。

Brian, I wanted to come back to your comment on the layers of business you're evaluating. And I know you noted continued confidence in Chipotle strong value offering, but with greater concern around the lowering consumer and your concerns on the consumer in the coming months from a macro perspective. Could we see this manifest in focusing more on the snacking occasions or perhaps offering more value during shoulder periods when restaurants are underutilized? And then I have a follow-up question.

Brian，我想回到你關於你正在評估的業務層面的評論。我知道你提到了對Chipotle強勁價值產品持續的信心，但你更擔心消費者的流失，以及從宏觀角度對未來幾個月消費者的擔憂。我們能否看到這一點體現在更專注於零食消費場景，或是在餐廳利用率較低的高峰時段提供更多價值？然後我還有一個後續問題。

Yes. Look, I mean, what we've really spent a bunch of time on is looking at what happened in the last kind of recession or slowdowns. And the good news for us is, yes, you had some low-income consumers step away, but we also had higher income consumers trade into our business. And then as economics improved, all cohorts came back to the business in a big way. So we didn't lose those that came in and we regained those that unfortunately got hit by some tough economic headwinds. So we're not going to be chasing with discounting in the traditional sense. We are going to use targeted CRM initiatives that we know get a great return and also play a meaningful role in the consumer that receives that message.

是的。我的意思是，我們確實花了很多時間研究上次經濟衰退或放緩時的情況。對我們來說，好消息是，確實有一些低收入消費者離開了，但也有一些高收入消費者選擇以舊換新。後來，隨著經濟情勢好轉，所有客戶群都大規模地回歸了我們的業務。所以我們沒有失去那些新客戶，反而重新獲得了那些不幸受到經濟逆風打擊的客戶。所以我們不會像傳統意義上那樣追求折扣。我們將採用有針對性的客戶關係管理 (CRM) 計劃，我們知道這些計劃能帶來豐厚的回報，並在接收資訊的消費者中發揮重要作用。

So we've seen it work in the past. We believe it will work going forward. And I think, the key thing for us to do through this whole period is execute our basics really well. That's our strongest point of differentiation. Our strongest point of differentiation without a doubt is our culinary, our ingredients, our customization and our speed. We do those things really well, we'll be rewarded with people's business.

我們已經見證了它在過去的成功。我們相信它在未來也會繼續有效。我認為，在整個這段時期，我們要做的關鍵就是把我們的基本業務做好。這是我們最大的差異化優勢。毫無疑問，我們最大的差異化優勢在於我們的烹飪、我們的食材、我們的客製化和我們的速度。我們把這些都做得很好，顧客的惠顧也會是我們最大的回報。

Very helpful. Jack, just with October disclosure running around mid-single-digit comps. Can you talk about the scenario where you would hit the high end of 4Q same-store sales? The entirety of that driven transactions were to accelerate? Or is there a scenario where you'd look to take pricing in December similar to past years' practices?

非常有幫助。傑克，10月揭露的銷售額年增速在個位數左右。能談談第四季同店銷售額達到高峰的情景嗎？所有受此推動的交易都會加速成長嗎？或者，是否存在一種情景，即您希望在12月份像往年一樣定價？

No. Andrew, when we provided that guidance, we did the -- basically, the analysis and the forecast, it's really all about Brisket. The idea here is that we've got Garlic Guajillo Steak through the entire quarter. And Brisket was very, very successful. But then we ran out. We ran out in mid-November. So when we look at what's going to happen in the second half of November and then as we move into December, those comparisons alone getting easier, gives us the confidence that we can get to -- we think we'll move up. That's why we kind of range-bounded the guidance from the current trend we're writing today, which is mid-single digits, up to high single digits because we do think that easing of comparison is going to lift our comp. But we don't have any incremental pricing into that guidance.

不。安德魯，我們發佈業績指引時，基本上做了分析和預測，其實都是關於牛胸肉的。我們的想法是，整個季度我們都會推出蒜香瓜希略牛排。牛胸肉非常非常成功。但後來就賣光了。 11月中旬就賣光了。所以，當我們展望11月下半月以及12月的走勢時，光是這些比較就變得更容易了，這給了我們信心，我們相信業績會上升。這就是為什麼我們把業績指引的範圍設在了我們今天所寫的當前趨勢區間，也就是個位數中段到個位數高段之間，因為我們確實認為，降低比較幅度會提升我們的業績。但我們沒有將任何增量定價納入該指引。

The next question comes from Jon Tower of Citi.

下一個問題來自花旗銀行的喬恩‧陶爾 (Jon Tower)。

Two questions, if I may. First, Jack, I was wondering if you could talk about the total cost basket or buckets that you're looking at for 2023. Obviously, right now, we're seeing some commodities come off the boil and food prices are more favorable than where they were just a few months ago. So I'm curious how you see those persisting into 2023. And then more importantly, on the labor side of the equation, how you see that playing out 2023 versus 2022?

請容許我問兩個問題。首先，傑克，我想請問您能否談談您預計的2023年的總成本組合或成本類別。顯然，目前我們看到一些大宗商品價格回落，食品價格比幾個月前更優惠。所以我很想知道您認為這些因素會如何持續到2023年。更重要的是，就勞動力而言，您認為2023年與2022年相比會如何？

Yes. It's tough to predict. I mean in the last year, if you took a look at anybody's crystal ball, nobody really had this figured out and a place just kept coming and coming and coming. It does seem like things are getting closer to stable right now. The areas that I would say there is more upward pressure would be in terms of beef, in terms of our cooking oil. I mean that's still significantly affected by the situation going on in Ukraine and Russia because so much of the oil that we use comes from that area. And then tortillas as well is another area that we're concerned about.

是的，很難預測。我的意思是，去年，如果你看看任何人的水晶球，你會發現沒有人真正弄清楚這一點，一個地方的產量不斷上漲。現在看起來情況確實正在趨於穩定。我認為上漲壓力更大的領域是牛肉和食用油。我的意思是，這些領域仍然受到烏克蘭和俄羅斯局勢的顯著影響，因為我們使用的許多食用油都來自這兩個地區。此外，玉米餅也是我們擔心的另一個領域。

Chicken, we feel pretty good about. We do have contracts for chicken. And so we feel good about that. Paper and packaging, that's driven significantly by the cost of freight because most of the packaging comes from overseas, from Asia. And it looks like some of the crazy freight costs that we've been paying in the past are easing.

雞肉，我們感覺還不錯。我們確實有雞肉合約。所以我們對此感覺良好。紙張和包裝，這主要受運費影響，因為大多數包裝來自海外，來自亞洲。而且看起來我們過去支付的一些高昂的運費正在下降。

Dairy has been elevated, and so we're optimistic that there will be some additional supply into next year. So there's kind of some pluses and some minuses. Overall, what we're hoping is for mostly stabilization. So if some of the softening in commodity costs can offset some of the pressure we're seeing, especially in beef and cooking oil, and if we could break even for a while and not have to see either margins degrade or have to consider another price increase, that would be fantastic to be in that position for a while.

乳製品價格上漲，因此我們樂觀地認為明年會有更多供應。所以，這有利有弊。總的來說，我們希望價格基本上保持穩定。如果大宗商品成本的下降能夠抵消我們所面臨的部分壓力，尤其是牛肉和食用油，並且我們能夠暫時收支平衡，不必擔心利潤率下降或再次考慮漲價，那麼在一段時間內保持這種狀態就再好不過了。

And then just on labor?

那麼只談勞動力嗎？

Labor is unpredictable because we thought it was settling into this normal kind of mid-single-digit range, and that's what I'd like to say. And yet as we did analysis, we found these 700 restaurants. So it's about 1/4, a little more than a quarter, a little less than 1/4 in a restaurant that we're having to take $1, $2, $3 increase in starting wages just to make sure that the restaurants were staffed. So with what the Fed is doing, you think that the higher interest rates is going to have an impact on the labor market. And so that would be good news in terms of access to labor. But it's a bit of a well cut.

勞動力是不可預測的，因為我們以為它會穩定在正常的個位數中段，我想這麼說。然而，我們分析了這700家餐廳，發現大約有四分之一，略多於四分之一，略少於四分之一的餐廳，為了確保餐廳有員工，不得不將起薪提高1美元、2美元或3美元。所以，考慮到聯準會的舉措，你認為升息會對勞動市場產生影響。這對勞動力的取得來說是個好消息。但這有點誇大其詞。

Right now, if I had to put a stake in the ground. I would say the inflation expectation would be kind of mid-single digit but there's going to be a caveat to certain pockets throughout the country that we're going to have to do what we have to do. To Brian's point, to make sure those restaurants are staffed. We can train people and we hold on to them once we get them on board.

現在，如果要我打個比方的話，我會說通膨預期大概在個位數左右，但全國某些地區需要注意的是，我們必須採取必要的措施。正如布萊恩所說，確保這些餐廳配備員工。我們可以培訓員工，一旦他們加入，我們就會留住他們。

Great. And then just on the comment regarding return to or a chance to get the 10% unit growth over time. I know in the past that the big governor of growth has been human capital, it doesn't sound like that's necessarily the problem any longer. It sounds like it's more related to development headwinds on equipment, construction material, et cetera, and construction labor challenges. So what sort of lead time do you have on that potentially improving? Meaning, how quickly could you ramp that growth if you started seeing, say, all of those things improve?

好的。然後，關於恢復或有機會隨著時間的推移實現10%的單位增長率的問題。我知道過去，人力資本一直是成長的主要限制因素，但現在看來這不再一定是問題所在了。聽起來，這更與設備、建築材料等方面的發展阻力以及建築勞動力的挑戰有關。那麼，您認為這些方面可能改善需要多長時間？也就是說，如果您看到所有這些方面都開始改善，您能以多快的速度提升成長速度？

Yes. I mean the inventory is there. So we've got inventory right now that could get us close to, if not all the way to that 10%. But what's happened is 2, 2.5 years -- like before the pandemic, we can open up a restaurant from the time that we go see a site, we like the site, we start serious negotiation to when we get that restaurant open, it could be a 14- or 15-month period. We're now looking at 20, 21, 22 months. So I mean it's a significant increase, and it's because of all the factors that I mentioned in my prepared comments. So the biggest challenge we've had is, frankly, supply. I mean if it's components, for example, for a walk-in cooler or the HVAC, you can't get the restaurant open. There's just no chance of doing that.

是的。我的意思是庫存確實有。所以我們現在的庫存足以讓我們接近甚至達到那10%的水準。但實際情況是，從疫情之前，從我們去考察場地、看中地點、開始認真談判，到餐廳正式開業，我們可能需要2到2.5年的時間才能開一家餐廳，這可能需要14到15個月。現在我們預計需要20到21個月甚至22個月。所以，我認為這是一個顯著的成長，這源自於我在準備好的評論中提到的所有因素。坦白說，我們面臨的最大挑戰是供應。我的意思是，如果是零件，例如步入式冷藏室或暖通空調系統，你就無法開餐廳。根本沒有機會開餐廳。

So if we see some easing in the supply chain for the materials and the components that we need for the restaurant, that all by itself could knock off a couple of months. But then there's also construction labor. There's also permitting. And so we really need kind of all of those things sort of (inaudible) themselves. But our ability to get the restaurant to open on more of the time line we saw a few years ago was there as long as the rest of the piece is falling into place.

所以，如果我們看到餐廳所需材料和零件的供應鏈有所緩解，這本身就能減少幾個月的開工時間。但除此之外，還有建築工人和許可證批准。所以我們真的需要所有這些（聽不清楚）東西。但只要其他環節進展順利，我們就有能力讓餐廳按照幾年前預計的時間表開幕。

The next question comes from Jared Garber of Goldman Sachs.

下一個問題來自高盛的賈里德·加伯。

Brian or Jack, I wanted to just get an update maybe on some of the labor and efficiency tools. I know you talked about it a little bit earlier, but I think on the last call, you had given some more specific updates on the throughput where you are sort of today versus where you were maybe historically and during your peak throughput years. So if you could give us an update maybe on where you are on that and how you see that going forward? And maybe a time frame of how you expect or when you expect maybe to get back towards those pre-food safety levels.

布萊恩或傑克，我想了解一些關於勞動力和效率工具的最新情況。我知道您之前談過這個問題，但我記得在上次電話會議上，您已經更具體更新了目前的吞吐量，並與歷史和高峰時期的吞吐量進行了比較。所以，您能否更新一下目前的吞吐量狀況，以及您對未來的展望？您預計何時才能恢復到食品安全危機之前的水平？

Yes, sure. So right now, we're running in kind of the low 20s on that MAX 15 measure that we've been talking about. The thing that's nice to see though is in our higher-volume restaurants. Those guys are running now in the high 20s. So if you go back to like 2019, we think there's a real possibility for us to get the entire system in the mid- to high 20s. And then obviously, as we've talked about this many times, when that starts happening, everything around it starts going up, too. And -- so that's what we're after. That's why we're making sure that we've got these restaurants staffed. They're getting trained and that the culture is focused on the standards and the processes that we know result in great throughput, which ultimately means great experiences for our guests.

是的，當然。目前，我們一直在討論的 MAX 15 指標的運行速度大概在 20% 出頭。不過，值得欣慰的是，我們客流量較大的餐廳的客流量現在都在 20% 出頭。所以，如果回顧 2019 年，我們認為我們完全有可能讓整個系統達到 20% 左右的水平。當然，正如我們多次提到的，當這種情況開始發生時，周圍的一切也會隨之上升。這就是我們所追求的。這就是為什麼我們要確保這些餐廳的員工配備齊全。他們正在接受培訓，我們的文化注重標準和流程，我們知道這些流程可以帶來高客流量，最終為我們的顧客帶來絕佳的體驗。

And I guess, if I could just follow up, is there a way to maybe frame how -- what the traffic trends look like in some of those higher volume stores where you're seeing better throughput versus those lower volume stores just to contextualize it a little bit better?

我想，如果我可以跟進的話，是否有辦法可以描述一下——一些客流量較大的商店的流量趨勢是什麼樣的？這些商店的吞吐量比那些客流量較小的商店更高，只是為了更好地將其具體化？

We'll just check. We've said every like 4 points, 5 points.

我們只是檢查一下。我們說過每次都會有4分、5分。

Every 5 transactions.

每 5 筆交易一次。

Every 5 transactions.

每 5 筆交易一次。

Gets you a point of comp.

為您贏得一分。

There it is. Every 5 transactions is a point of comp. So that's the way to think about it, Jared.

就是這樣。每5筆交易就相當於一個補償點。所以，Jared，你應該這麼想。

Yes. And Jared, the higher-volume restaurants, they have not just higher volume, they tend to out comp. They tend to be much more predictable. But to Brian's point, they tend to also have more tenured management teams, more tenured crew. So they don't just have the reps in a few of the team. I mean the entire team has been attacked or been with Chipotle for quite some time. So that's why we're pretty confident that if we can get all of our new folks from field leader through the management ranks and into the crew, just get them more reps and more experience. They gain a lot of confidence. They gain skills, and we know the throughput numbers are going to go up.

是的。 Jared，客流量大的餐廳，他們不僅客流量更大，而且往往比競爭對手更勝一籌。他們的營運模式也更可預測。但正如Brian所說，他們往往擁有更多資深的管理團隊和員工。所以，他們不會只在少數人中擁有銷售代表。我的意思是，整個團隊都經歷過挑戰，或者在Chipotle工作了很長時間。所以，我們非常有信心，如果我們能把所有新員工從現場領導到管理階層，再到員工隊伍，讓他們擁有更多的銷售代表和經驗。他們會獲得很大的信心，獲得技能，我們知道吞吐量數字會上升。

That concludes our question-and-answer session. I would like to turn the conference over to the Chairman and CEO, Brian Niccol, for any closing remarks.

我們的問答環節到此結束。接下來，請董事長兼執行長 Brian Niccol 致閉幕詞。

Okay. Yes. Thank you. And thanks for all the questions. I appreciate all the conversation on pricing and value. Obviously, it's front and center for us as we navigate kind of the most recent challenges.

好的。是的。謝謝。也感謝大家的提問。我很感謝大家關於定價和價值的討論。顯然，在我們應對最近的挑戰時，這對我們來說是重中之重。

The one thing I just want to reiterate is the proposition as it relates to value for Chipotle remains very strong, no matter how you look at it. Whether you look at it on a relative basis to what's competitive pricing look like or you look at it to alternatives like with the grocery store, whether you look at it how new units are opening and how we're performing on that front. But we continue to demonstrate in all areas that the Chipotle brand is strong, and we continue to have a really strong value proposition.

我想重申的是，無論你怎麼看，Chipotle 的價值主張始終非常強勁。無論你是將其與競爭性定價進行比較，還是將其與雜貨店等其他選擇進行比較，無論你如何看待新門市的開業以及我們在這方面的表現。但我們在各個領域都持續展現出 Chipotle 品牌的強大，並且我們仍然擁有非常強勁的價值主張。

The other thing I just want to emphasize is the focus on having our restaurants staffed, trained and executing against the standards that we know provide a great experience for our customers and our employees is what Project Square One is all about. And the teams are focused on achieving it, which we know then will result in better throughput better experiences for everybody involved.

我想強調的另一點是，Project Square One 的核心理念是，我們專注於為餐廳配備合適的員工、進行專業的培訓，並嚴格按照我們已知的標準執行，為顧客和員工提供卓越的體驗。我們的團隊正致力於實現這一目標，我們相信這將為所有參與者帶來更高的客流量和更好的體驗。

So the combination of, I think, these 5 strategies we've talked about with the focus on Project Square One and keeping a close eye on our value proposition, I think, sets us up for a very long runway of growth, and we can't be more excited about where our future is headed. And obviously, we'll deal with the headwinds accordingly.

所以，我認為，我們討論的這五項策略，加上對「Square One」計畫的關注，以及密切關注我們的價值主張，將為我們奠定長期成長的基礎。我們對未來的發展方向充滿期待。當然，我們也會相應地應對各種挑戰。

So thanks for everybody for taking the time, and we'll talk to you next quarter.

感謝大家抽出時間，我們將在下個季度與大家交談。